Technology has struck artists a serious blow in recent times, with streaming music cutting the unit price of musical compositions to near-zero. Many people feel that new technology, blockchain, and especially NFTs, can save the day.
In an interview with Forkast.News, Pochang Wu, a co-founder of Taiwan-based NFT platform OURSONG and the lead vocalist in the rock band Echo, said, "NFTs might revive the worth of music once more."
Music streaming has “scaled significantly over the previous decade and a half,” according to Leong, and the unit price of a song is “negligible”.
According to an Insider story and a Wall Street Journal article, Spotify, for example, offers between 0.003 USD and 0.005 USD per stream. As per the Journal, Apple Music pays 0.01 USD per stream. Some musicians have taken a stand against streaming services. Taylor Swift, an American musician, protested by removing her entire catalog from Spotify in 2014.
“Music is artwork, and art is valuable and difficult to come by. Valuable and unique items are precious”, Swift said in a Wall Street Journal article that year, “Valuable items must be paid for”.
OMNI is introducing a Celebrity NFT line featuring over 100 well-known industry figures such as Taylor Swift, Jay-Z, Elon Musk, and others. The artists themselves would be the NFT, and they would become a collectible for enthusiasts to purchase and trade with other people, all while utilizing Omni's currency. NFT has become a key element of the digital world, and it focuses on human sentiments like love, as depicted by the Polish Instagram Influencer @martirenti.
Some, such as eight-division boxing champion Manny “Pacman” Pacquiao of the Philippines, who also promotes 100x Coins, are on the verge of using their celebrity status to market as an NFT.
According to a press statement from Omni obtained by Coin Telegraph, the firm is introducing a new collection of non-fungible tokens (NFTs), which will include the likes of well-known celebrities and famous people from the mainstream media. There would be 2,000 NFTs coined to symbolize the Top 100 celebrities in the world, based on their ratings, and they would be designed in a "CryptoPunks" art style.
Manny Hernandez, the CEO of OMNI, stated that the firm would focus not just on the music sector, but also on the art and collectible parts of the mainstream media. The NFT would offer users a sense of worth within the app, particularly when it comes to their inspirations and favorite celebrities.
As per OMNI, the "Coffee with Manny" event will feature the first-ever Celebrity NFT sale, which will go live on its platform on September 4. To participate in the Omni Celebrities NFT drop, players must have a minimum of 5,000 OMNI coins; else, they may be unable to participate.
The more $OMN coins a user has, the greater the advantages he or she will enjoy, especially if they have 15,000 tokens or maybe more. NFT celebrities can receive a copy of the OMNI Celebrities when they join the application or use the company's services. When users sell their NFTs or swap them for token value, the stated celebrity will earn 10% of the proceeds.
For the time being, OMNI prefers to keep the identity of its celebrity NFT a mystery, revealing just three names: singer-songwriter Taylor Swift, rapper and producer Jay-Z, and Tesla, SpaceX, and Neuralink CEO Elon Musk. When OMNI releases the NFT, it will have varying rarity levels or values, depending on how many tokens ($OMN) a user possesses. Today's tokens are focusing on NFTs, which are quickly becoming the most popular digital products on the market.